my client has made gift to his wife around 10 lakh and now wife has invested the same money in husband firm. now wife is earning 12% interest on his capital.
whether this interest income is taxable in wife name or it is clubbed under husband name.
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clubbing provision for gift asset
Replies (3)
Find this https://www.bcasonline.org/Referencer2015-16/Taxation/Income%20Tax/clubbing_provisions.H T M L
Naturally, in husband's hand....
the interest income of your client's wife will be taxable in the hands of husband,if he has 20%share of profit from the firm and also his wife should not possess any professional or technical qualification....,otherwise it will be taxable in her hands under the head Income from other sources
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